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18th May 2015
Lake Johnston – Bankable Feasibility Report Supports Project Restart
Highlights
•
Bankable Feasibility Study confirms that the restart of the mine and
processing plant at Lake Johnston is feasible and economic at the current
nickel price
•
Production of 8,000 tonnes of nickel per annum in a smeltable grade
concentrate
•
All in sustaining cost of production of US$5.39/lb payable equivalent to a C1
cash cost of US$3.43/lb
•
Prestart capital cost of US$10.6m (A$14m) including plant and mine
refurbishment, general restart costs, plus working capital of circa A$14m
•
Initial mine life of 30 months with a number of promising resource extensions
to be developed
•
Ore previously mined and currently stockpiled at Black Swan can be trucked
to Lake Johnston for processing for a period of up to 4 years. Combined mill
feed will average 1.13 million tonnes per annum compared to process plant
capacity of 1.5 million tonnes per annum
•
New jobs created at site (including contractors) will be circa 180. Recruitment
of certain leadership and maintenance roles has already been completed
•
Intention is for workforce to be predominantly Drive in Drive out with onsite
accommodation at the existing Windy Hill Camp.
Poseidon will seek
employment opportunities for locally based personnel where possible
•
Underground mining has been planned to be by a suitable contractor and
tenders for this activity have recently been issued
•
All operating licences necessary to restart operations at Lake Johnston are in
position.
•
Negotiations for the sale of Lake Johnson product and pre-payment terms are
underway
•
Whilst nickel prices have been depressed in recent months, the low capital
requirement for the project combined with lower input cost rates have
demonstrated that Lake Johnston can be economic at the current nickel price.
Poseidon expects nickel prices to progressively improve from recent lows
over the next year
P O S E I D O N N I C K E L L I M I T E D • Unit 8 • Churchill Court • 331-335 Hay Street • Subiaco • WA 6008
PO Box 190 • West Perth WA 6872 • T +618 6167 6600 • F +618 6167 6649 • www.poseidon-nickel.com.au • ABN 60 060 525 206
Page 2
Poseidon Nickel Limited (ASX:POS or the Company) is pleased to announce that it has
completed a full Bankable Feasibility Study (BFS) for its 100% owned Lake Johnston Nickel
Project which supports its strong economics. The study confirms that the operations can be
brought back into operation in a few months, at a low level of capital investment and that no
regulatory or technical barriers exist.
Lake Johnston was in full scale operations only 2 years ago so the purpose of the study
was to confirm the necessary steps required to restart mining and processing and to confirm
the required capital and operating costs. The study also presented Poseidon with the
opportunity to plan a number of operating improvements to the site primarily to reduce costs
and to improve ore extraction rates.
The study was initiated immediately after the project was acquired in November 2014 and
included a major re-analysis of the resource model, a re-design of the mining
methodologies used for the ore body and an analysis of the necessary work required to
restart the concentrator plant. The resource model work, combined with the revised mining
methods, has materially increased the initial project life and ore throughput rates.
Poseidon also owns the Black Swan Nickel Project which includes 1.7 million tonnes of
mined but unprocessed ore Reserves which Poseidon is planning to progressively transport
and process at Lake Johnston. The 1.5 million tonne per annum processing plant capacity
at Lake Johnston is able to process a combined feed from both sites with an average
throughput planned of 1.13 million tonnes of ore per annum.
Maggie Hays Portal
Lake Johnston Processing Plant
Lake Johnston Operation
Windy Hill Camp
Restart Capital Costs
The Lake Johnston project was in full operating mode up until April 2013 and was put into
good quality care and maintenance by the then owner. Only minor deterioration of the plant
is evident and the concentrate filtration circuit, crushing plant and main grinding mill have
recently been restarted and functioned.
Processing of 2,000 tonnes of saleable concentrate through the filtration circuit has also
been completed and it is intended to crush 10,000 tonnes of waste rock through the
crushing plant to test this facility under full load. These activities give added confidence to
the capital estimates in these process plant areas.
A full geotechnical report of the underground mine has been completed and only relatively
minor refurbishment work of corroded reinforcing mesh and bolts in certain areas of the
development will be necessary. Dewatering, power, ventilation, communications and refuge
facilities remain in place and in good working order.
The tailings facility requires an increase in capacity by increasing the height of the dam
walls. The licence for this has been approved by the Department of Mines and Petroleum.
Tenders have been released and Poseidon expects to place a formal contract for the works
in the near future.
Page 3
The onsite communication and IT facilities have undergone a significant refurbishment and
repair programme and only minor additional essential works are necessary.
The Windy Hill accommodation camp at Lake Johnston has undergone partial
refurbishment and is currently being used by onsite personnel. The camp has 277 existing
rooms although only approximately 180 are envisaged to be required. Some further minor
refurbishment will be undertaken.
The overall capital needs of the project have been estimated by independent third parties as
follows:
Item
Cost (A$)
Lake Johnston infrastructure / project management
1,148,997
Lake Johnston camp mobilisation, I.T. and communications
479,311
Maggie Hays mine capital costs – refurbishment and development.
6,812,534
Underground refurbishment to meshing etc.
Concentrator plant refurbishment
2,947,728
Tailings wall lift dam
1,539,846
First fills and restocking
618,101
Additional infrastructure contingency
407,710
Total pre-production capital requirements
13,954,226
Operating Costs
A full operating cost budget for the project has been developed using independently derived
estimates which have also been benchmarked against previous actual costs where
possible. The projected operating cost budget is as follows:
Operating costs
Units
Lake Johnston
Mining & Geology
A$ / t
49.97
Processing
A$ / t
27.25
Concentrate transport
A$ / t
2.03
Administration
A$ / t
6.28
Total
A$ / t
85.53
Operating costs
Units
Lake Johnston
Mining & Geology
US$ / lb
1.94
Processing
US$ / lb
1.06
Concentrate transport
US$ / lb
0.08
Administration
US$ / lb
0.24
By-product credits
US$ / lb
(0.12)
Royalties
US$ / lb
0.23
Total C1 Cost
US$ / lb
3.43
Page 4
These figures translate into a project operating cost of:
All in sustaining cost *1 of US$5.39/lb
C1 Cash Cost of *2 of US$3.43/lb
C1 payable cash cost *3 of US4.89/lb
*1 includes by-product credits, royalties, project overheads and transport within WA on a
payable basis
*2 as above but excluding project overheads
*3 as *2 on a payable basis
Implementation schedule
The project implementation plan has predicted that start-up will take 120 days (4 months)
from the point of initiation after financing, with the long lead being the start-up of the main
mill after full electrical generating power has been re-established. As reported above,
various elements of this work have already been undertaken including re-establishment of
IT infrastructure, operations of the filtration and crushing circuit, main mill operations, etc.
Concentrate Offtake
Poseidon, in conjunction with its financial advisors, has issued an Information memorandum
to potential nickel offtake parties and negotiations are underway. Poseidon expects to
receive offers to sell all of the concentrate produced at Lake Johnston either separately or in
conjunction with a prepayment facility to fund the working capital and some capital
requirements, during the initial start-up period. Whilst the current subdued nickel prices
cause some concern, Poseidon believes that the positive market outlook for the commodity
and the low risk and short re-start times of Lake Johnston offer an attractive proposition.
The completion of the formal BFS as reported here was a necessary milestone for potential
parties to commence their own due diligence of the project which is now underway.
Resource Extension Priorities
Maggie Hays
The Maggie Hays deposit is about 1.4 km in length down to a maximum depth of about 400
metres. The deposit contains four distinct mineralised domains:
1.
Lower Massive Sulphide;
2.
Main Zone, disseminated sulphide;
3.
Maggie Hays North, massive and stringer sulphides; and
4.
Maggie Hays South, disseminated sulphides (see Figure 2)
The Main Zone of disseminated mineralisation is up to 40 metres thick and is
stratigraphically underlain by a massive sulphide zone up to 9 metres thick. The
disseminated mineralisation typically contains 15% to 20% sulphides while the Lower
Massive Sulphide mineralisation contains around 80% sulphides.
Page 5
The Maggie Hays North Zone comprises stringer and massive sulphides which are hosted
by felsic volcanics and immediately adjoin the Main Zone massive sulphides to the south.
The mineralisation is typically between 1 and 3 metres thick and is controlled by a shear
zone which dips 60° to the east. The mineralised zone is considered to have been
structurally remobilised from the main massive sulphide zone.
Potential exists to further extend the mining operations at Maggie Hays as shown on
Figure1 with the aim of increasing the known mine life immediately adjacent to and
accessible from the existing underground decline. To do this an infill drilling program has
been planned to define the thicker, near mine portion of the currently identified
mineralisation with the intent of potentially adding this material to the mining inventory.
In addition mineralisation has been defined to the west of the sub-level cave (SLC) and will
undergo further drilling to define the economic potential of this near mine zone. The
Western Zone sits within the footwall banded-iron formation (BIF) and has been structurally
remobilised along a fault/thrust structure. This has larger ramifications as it potentially
opens up a number of new untested structurally remobilised targets for nickel sulphide
deposits within the immediate Maggie Hays area. These areas will be progressively
modelled and tested with drilling and down-hole electro magnetics (DHEM).
Figure 1: Maggie Hays long section with planned underground drill holes
Source: Poseidon
Maggie Hays South
Maggie Hays South is a separate zone of disseminated mineralisation which extends
southwards approximately 1km from the Maggie Hays sub-level cave (SLC) up to the
surface (Figure 2). It incorporates the original discovery zone that led to the Maggie Hays
ore body.
Maggie Hays South is showing potential for future production opportunities and would
require minimal development due to its proximity of the existing Maggie Hays Mine. Drilling
from surface and potentially from underground will be completed to further develop and
evaluate the near mine economic potential of this zone.
Page 6
Figure 2: Maggie Hays long section with prospective Maggie Hays South mineralised corridor
Source: Poseidon
Emily Ann
The Emily Ann ore body was a high grade (circa 4%) ore body mined from 2006 which was
thought to terminate along the Toolangi Fault (Figure 4). Norilsk Nickel was developing
access to an identified extension to this ore body although the work was terminated in 2009
when the site was closed during the financial crisis. This ore body was designated Emily
Ann North.
Emily Ann North
Emily Ann North (EAN) is situated approximately 150m north of the Emily Ann mine. Norilsk
Nickel estimated a non-JORC compliant resource which contained approximately 14Kt of
nickel at a grade of 4.2% nickel.
EAN averages 1 to 1½m in thickness and forms a flat lying domal lense of nickel sulphide
mineralisation. Poseidon’s geologists interpret EAN to be structurally remobilised sulphides
(similar to North Shoot at Maggie Hays) which are emplaced along a thrust fault surface
similar to the Western Areas’ Flying Fox mineralisation in between the primary T1-T5 ore
bodies (highlighted by the red circle on Figure 3).
Page 7
Figure 3: Western Areas Flying Fox Mine cross section showing mineralisation along faulted thrust
surfaces leading to deeper offset nickel deposits
Source: Western Areas, Newexco
Figure 4: Emily Ann Mine long section with existing development and planned developed into the upper
zone of the Emily Ann North deposit
Source: Norilsk Nickel
Page 8
An economic evaluation of the deposit including a mine design for Emily Ann North was
completed by the previous owner and, as a result, they began development towards the ore
body. The owner successfully developed two access drives through the Toolangi Fault Zone
to within 75m of the mineralisation (Figure 4). Development was halted during the 2009
financial crisis and the mine was allowed to flood. To regain access to the upper Emily Ann
development drive, dewatering to a depth of 260m below surface is required. Resource
modelling and economic evaluation of the mining potential of Emily Ann will be commencing
shortly.
Poseidon is currently working in conjunction with Newexco Geological Consultants to reinterpret the structural model and emplacement / source of the nickel sulphide
mineralisation in the Emily Ann area. This work has changed the geological model and
previous understanding of the Emily Ann mineralisation and new structural repeat targets
are emerging with the potential for “Flying Fox” style offsets to occur. Emily Ann resource
was high grade (3.97% nickel) so repeats or offsets to this mineralisation will be
aggressively targeted and tested with DHEM as it will have the potential to significantly
increase the mine life of Lake Johnston.
Key Project Achievements since acquisition
■
■
Bankable Feasibility Study completed by Simulus Engineers in May 2015
-
Geotechnical audit of underground mining operations review completed and
integrated into mining schedule
-
Environmental, native title and Aboriginal heritage assessment completed, all
requirements in place
-
Hydrology review completed and Hydrology Operating Strategy completed
-
Mine closure plan and costs reviewed and updated
-
Organisational structure in place
-
Integrated project restart schedule completed
-
Commissioning report completed
-
Project risk assessment undertaken
-
Mining production schedule and costs completed
-
Asset valuation and review including warehouse holdings and workshop
assessment completed
Site refurbishment initiated
-
Refurbishment of the 3-stage crushing circuit underway using existing site
maintenance resources and a trial ore package to be crushed before moving onto
the grinding and flotation circuits
-
Filtration circuit refurbishment complete
■
Nickel concentrate at an estimated sales value of c.A$3.2 million identified by
Poseidon in the process water pond to be reclaimed, filtered and sold to off-take
partner for early cash flow – approximately 50% of the concentrate has been
recovered and filtered;
■
Asset sales agreement executed, plant and tenure secured and in good standing
■
All major regulatory approvals in place to allow mine recommencement
-
Project Implementation Plan for refurbishment of Lake Johnson completed
-
Project Management Plan lodged with Department of Minerals and Petroleum,
other safety plans recovered and integrated into the Poseidon system
Page 9
-
■
■
Key stakeholders engagement underway including with Western Australian
Government Departments, Shire of Dundas, Shire of Esperance, Southern Port
Authority (Esperance Port), the Ngadju people, Chamber of Commerce
(Esperance)
Resource update and exploration program initiated by Poseidon on purchase
-
JORC 2012 compliant Maggie Hays Mineral Resource Estimate. A large
proportion of the North Shoot lifted into Indicated Resources (from Inferred) after
incorporation of recent additional drill holes and face mapping data
-
JORC 2012 compliant Maggie Hays Ore Reserve estimate update near completion
-
Geochemical analysis using Leapfrog software applied to drilling database
resulting in the identification of high value exploration targets
Major contracts tendering initiated
-
Tailings storage facility 2 (TSF2) four metre lift Works Approval Amendment
approved and tenders issued, received and assessed
-
Contract mining tender documentation issued with responses due in May 2015
-
Village and catering contract tender documents in final preparation to issue to
market
-
Transport, supply and sales logistics reviewed and budget quotes received
■
Lake Johnston capital costs, operating costs and economic modelling completed
■
General Manager Lake Johnston Operations employed to accelerate refurbishment
work and preparation for rapid operational restart
■
General Manager of People and Culture employed and recruitment process underway
for key LJO team members including General Manager OHS&E, warehouse / supply /
purchasing officers and maintenance planners
Mineral Resources Estimate
An updated mineral resource estimate of Maggie Hays has been completed by Golder for
Poseidon, which uses all available assay data as of 6 February 2015. This follows on from
the November 2014 resource estimate which was also completed by Golder.
The latest update is based on new data and a geological review of the Maggie Hays deposit
which was undertaken after the formal acquisition of the LJO. As a result of the work
completed, a much higher proportion of the mineralisation is in the JORC Code (2012)
Indicated category, rather than the lower confidence Inferred category. Approximately 80%
of the currently drilled resource is now in this Indicated category. This improvement is a key
step in the initial definition of the likely project life by increasing confidence in the shape,
grade and position of the mineralisation to be mined. The results of this resource work have
been used to develop the mine schedule and Ore Reserve estimation which is currently
being finalised.
Page 10
Figure 6: Maggie Hays mineral resource at 0.8% Ni cut-off grade
Indicated
Source
Inferred
Total
Mt
Ni %
Ni Kt
Mt
Ni %
Ni Kt
Mt
Ni %
Ni Kt
North Shoot
0.8
1.86
14.7
0.4
1.31
5.9
1.2
1.66
20.6
SLC
Disseminated
0.1
1.36
0.8
0.4
1.02
4.2
0.5
1.06
5.0
SLC Massive
0.1
3.82
3.8
-
-
-
0.1
3.82
3.8
Suture Zone
Disseminated
1.5
1.13
16.9
-
-
-
1.5
1.13
16.9
Suture Zone
Massive
0.2
3.27
5.7
-
-
-
0.2
3.27
5.7
Total resources
2.6
1.60
41.9
0.9
1.17
10.1
3.5
1.49
52.0
Source: Poseidon, Golder & Assoc
The updated Mineral Resource estimate was classified in accordance with the Australasian
Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The
JORC Code, 2012 Edition). The highlights being:
■
A 50% increase in Indicated Resources at the Maggie Hays deposit compared to the
November update following extensive geological work
Page 11
MINERAL RESOURCE STATEMENT
Table 1: Nickel Projects Mineral Resource Statement (Note: totals may not sum exactly due to rounding)
Mineral Resource Category
Nickel Sulphide Resources
JORC Cut Off Compliance Grade
Indicated
Tonnes Inferred
Ni% Ni Metal
Tonnes TOTAL
Ni% Ni Metal Tonnes Ni% Ni Metal (Kt)
Grade
t
(Kt)
Grade
t
(Kt)
Grade
t
WINDARRA PROJECT Mt Windarra
South Windarra
Cerberus
2012 0.90%
922 1.56 14,000
3,436 1.66 57,500
4,358 1.64 71,500 2004 0.80%
772
0.98
8,000
‐
‐
‐
772
0.98
8,000
2004 0.75%
2,773
1.25
35,000
1,778
1.91
34,000
4,551
1.51
69,000
9,600
0.68
65,000
21,100
0.54
114,000
30,700
0.58
179,000
2,600 1.60 41,900
900 1.17 10,100
3,500 1.49 52,000 16,667 0.98 163,900
43,881 0.86 379,500
BLACK SWAN PROJECT Black Swan
2012 0.40%
LAKE JOHNSTON PROJECT Maggie Hays
2012 0.80%
TOTAL Total Ni Resources
2004 & 2012 27,214 0.79 215,600 Table 2: Gold Tailings Project Mineral Resource Statement (Note: totals may not sum exactly due to rounding)
Mineral Resource Category
Gold Tailings
JORC Cut Off Resources Compliance Grade
Indicated
Inferred
Tonnes Grade
(Kt)
(g/t)
Au
(oz)
Tonnes Grade
TOTAL
Au
Tonnes Grade
Au
(Kt)
(g/t)
(oz)
(Kt)
(g/t)
(oz)
WINDARRA GOLD TAILINGS PROJECT Gold Tailings
2004 NA
11,000 0.52 183,000
‐ ‐ ‐ 11,000 0.52 183,000
11,000 0.52 183,000
‐ ‐ ‐ 11,000 0.52 183,000
TOTAL Total Au Resources
2004 ORE RESERVE STATEMENT
Table 3: Nickel Project Ore Reserve Statement
Nickel Sulphide Reserves
Ore Reserve Category
JORC Probable
Compliance Tonnes (Kt)
Ni% Grade
Ni Metal t
WINDARRA PROJECT Mt Windarra
2004 498 1.78 9,000 Cerberus
2004 1,221
1.30
16,000
BLACK SWAN PROJECT Black Swan
2012 3,370
0.63
21,500
2004 & 2012
5,089 0.91 46,500 TOTAL Total Ni Reserves
Note: totals may not sum exactly due to rounding.
Page 12
Notes
The information in this report that relates to the Windarra Nickel Project, Mineral Resources is based on information compiled by Neil
Hutchison, General Manager of Geology at Poseidon Nickel, who is a Member of The Australian Institute of Geoscientists and Ian
Glacken who is a full time employee of Optiro Pty Ltd and is a Fellow of the Australasian Institute of Mining and Metallurgy.
The information in this report that relates to Ore Reserves at the Windarra Nickel Project is based on information compiled by Denis
Grubic, who is a Member of The Australasian Institute of Mining and Metallurgy as well as a full time employee of Rock Team Pty Ltd.
The information in this report which relates to the Lake Johnston Mineral Resource is based on information compiled by Andrew Weeks
who is a full-time employee of Golder Associates Pty Ltd. The information in this report which relates to the Black Swan Mineral Resource
and Ore Reserves is based on information compiled by Andrew Weeks as well as Francois Bazin of IMC Mining Pty Ltd. Both are
Members of the Australasian Institute of Mining and Metallurgy.
Mr Hutchison, Mr Glacken, Mr Weeks, Mr Bazin and Mr Grubic all have sufficient experience which is relevant to the style of
mineralisation and type of deposits under consideration and to the activity which they are undertaking to qualify as a Competent Person as
defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (the
JORC Code 2012). Mr Hutchison, Mr Glacken, Mr Weeks, Mr Bazin and Mr Grubic have consented to the inclusion in the report of the
matters based on his information in the form and context in which it appears.
This document contains Mineral Resources and Ore Reserves which are reported under JORC 2004 Guidelines as there has been no
Material Change or Re-estimation of the Mineral Resource or Ore Reserves since the introduction of the JORC 2012 Codes. Future
estimations will be completed to JORC 2012 Guidelines.
The Australian Securities Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.
CORPORATE DIRECTORY
Director / Senior Management
David Singleton
Managing Director & Chief Executive Officer
Chris Indermaur
Non-Executive Chairman
Geoff Brayshaw
Non-Executive Director
Robert Dennis
Non-Executive Director
Ross Kestel
Company Secretary
Corporate Enquiries
Mr David Singleton – MD & CEO
P: 61 8 6167 6600
F: 61 8 6167 6649
Principal Office
Unit 8, Churchill Court
331-335 Hay Street
SUBIACO WA 6008
P: 61 8 6167 6600
F: 61 8 6167 6649
Registered Office
Level 2, Spectrum
100 Railway Road
SUBIACO WA 6008
P: 61 8 9367 8133
F: 61 8 9367 8812
Media Enquiries
E: admin@poseidon-nickel.com.au
Shareholder Enquiries
Enquiries concerning shareholdings should be addressed to:
Computershare Investor Services
GPO Box D182, Perth WA 6840
P: 61 8 9323 2000
P: 61 8 6167 6600
F: 61 8 6167 6649
E: admin@poseidon-nickel.com.au
Home Exchange
The Company’s shares are listed
on the Australian Securities Exchange
and the home exchange is Perth
ASX code: POS
Page 13
APPENDIX 1
List of Tenements
GIStenID
Status
Granted
Expires
Holder
%
E 6300585
Live
6/04/2009
5/04/2016
POSEIDON NICKEL
100
E 6300625
Live
8/09/2003
7/09/2015
POSEIDON NICKEL
80
E 6300837
Live
15/01/2004
14/01/2016
POSEIDON NICKEL
100
E 6301067
Live
20/02/2008
19/02/2018
POSEIDON NICKEL
100
E 6301135
Live
5/06/2008
4/06/2018
POSEIDON NICKEL
100
E 6301138
Live
9/01/2009
8/01/2019
POSEIDON NICKEL
100
E 6301140
Live
13/02/2009
12/02/2019
POSEIDON NICKEL
100
G 6300004
Live
10/11/2000
9/11/2021
POSEIDON NICKEL
100
G 6300005
Live
14/05/2007
13/05/2028
POSEIDON NICKEL
100
L 6300051
Live
7/08/2000
6/08/2021
POSEIDON NICKEL
100
L 6300052
Live
2/08/2000
1/08/2021
POSEIDON NICKEL
100
L 6300055
Live
4/03/2004
3/03/2025
POSEIDON NICKEL
100
L 6300057
Live
8/03/2006
7/03/2027
POSEIDON NICKEL
100
M 6300163
Live
27/10/1987
26/10/2029
POSEIDON NICKEL
100
M 6300282
Live
16/03/1995
15/03/2016
POSEIDON NICKEL
100
M 6300283
Live
16/03/1995
15/03/2016
POSEIDON NICKEL
100
M 6300284
Live
11/08/1994
10/08/2015
POSEIDON NICKEL
100
M 6300292
Live
8/04/1999
7/04/2020
POSEIDON NICKEL
100
M 6300293
Live
18/02/2008
17/02/2029
POSEIDON NICKEL
100
M 6300294
Live
18/02/2008
17/02/2029
POSEIDON NICKEL
100
M 6300302
Live
23/12/1994
22/12/2015
POSEIDON NICKEL
100
M 6300522
Live
23/06/2009
22/06/2030
POSEIDON NICKEL
100
M 6300523
Live
23/06/2009
22/06/2030
POSEIDON NICKEL
100
M 6300524
Live
23/06/2009
22/06/2030
POSEIDON NICKEL
100
P 6301527
Live
9/01/2009
8/01/2017
POSEIDON NICKEL
100
Holder
%
PIONEER
RESOURCES
20